Markets

Sensex Ends Up 399 Points; Nifty Climbs Above 11,000

(RTTNews) - Indian shares rose sharply on Monday to extend gains for the fourth straight session as private sector lender HDFC Bank posted robust earnings for the June quarter and the Union Health Ministry said that India's Covid-19 fatality rate is progressively falling.

The benchmark S&P BSE Sensex jumped 398.85 points, or 1.08 percent, to 37,418.99, driven by gains in financial and IT shares. The broader NSE Nifty index ended up 120.50 points, or 1.11 percent, at 11,022.20.

Britannia Industries shares hit a record high before closing over 5 percent higher as brokerages raised their target price on the stock in the wake of upbeat quarterly results.

HDFC Bank rallied 2.9 percent as it reported a 20 percent jump in quarterly profit.

In addition, managing director Aditya Puri said on Saturday that an enquiry into the vehicle lending business has brought out personal misconduct issues for which appropriate disciplinary actions have been initiated.

IT stocks posted broad-based gains, with HCL Technologies, Tech Mahindra, Infosys and Wipro all rising over 4 percent.

Dixon Technologies surged 5.9 percent after data showed foreign portfolio investors have raised their stake in the company in the June quarter.

Similarly, Federal Bank climbed 5.2 percent after data showed billionaire investor Rakesh Jhunjhunwala bought 20 lakh additional shares in the company during the quarter ended June.

Mahindra and Mahindra Financial Services soared 10 percent as it reported more than two-fold jump in standalone net profit in the June quarter.

Glenmark Pharmaceuticals fell over 2 percent. The Drug Controller General of India has pulled up the company for alleged false claims about the use of Fabiflu to treat Covid-19.

Sun Pharma lost 3.9 percent after Credit Suisse downgraded the stock to underperform.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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